Global Coil Coatings Market Highlights Over 2023 - 2033
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 5 Billion |
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Forecast Year Market Size (2033) |
~ USD XX.X Billion |
The global coil coatings market is estimated to garner a significant revenue by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 5 Billion in the year 2022. The growth of the market is primarily attributed to the rising penetration of coil coatings in various industries such as construction, automotive and other industries, and rapid growth in manufacturing industry across the globe. For instance, global manufacturing output is expected to be worth around USD43 trillion by the end of 2022.
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Coil coatings are a technique for coating and painting metal sheets like steel and aluminium. Polyester, silicone-modified polyester, polyvinylidene fluoride (PVDF), and other materials are used to make these coil coatings. These coats are available in various ranges of colors and finishes. Coil coating system consists of top coat, back coat and primer. This coating system is substituting the traditional process of manufacturing of metal coils. Coil coating system is widely adopted by industries owing to the various factors such as higher productivity, anti-corrosion, low thermal conductivity, and low impact on environment. Furthermore, rising use of polyvinylidene fluoride (PVDF) coatings in areas such as electric vehicles is anticipated to boost the market growth over the forecast period. For instance, PVDF, as one of the most vital polymeric materials with numerous scientific and technological applications, exhibits five crystalline polymorphs with α, β, γ, δ and ε phases obtained through various processing methods. Among them, phase PVDF has exceptional electronic characteristics such as piezo-, pyro-, and ferroelectric properties. These electroactive characteristics have become increasingly important in a variety of applications, including energy storage, spin valve devices, biomedicine, sensors, and smart scaffolds.
Global Coil Coatings Market: Growth Drivers and Challenges
Growth Drivers
- Worldwide Growth in Coating Industry – Immense industrialization, and increasing use of coatings in various industries to paint or coat goods is fueling up the demand for coil coatings. For instance, in 2020, the worldwide paint and coating industry was anticipated to be worth of approximately USD 155 billion.
- Rising Use of Alloy, Metals, and Steel – Increasing use of alloy, metals and specially steel in pipelines, reactors is becoming a strong growth factor of coil coatings market. As per a report, the production of crude steel was reached nearly 1950 million tons in 2021. Whereas use of steel (in its finished form) touched the figure of around 1832 million tons in the same year.
- Significant Increase in Construction Industry - In 2019, the global construction industry generated nearly USD 2.1 trillion revenue.
- Boost in Automotive Industry - The global automotive industry is expected to generate nearly USD 1.7 trillion in revenue by the end of 2030.
- Worldwide Expansion in Chemical Industry – For instance, in 2021, the global chemical industry generated approximately USD 4.80 trillion revenue.
Challenges
- Increasing Cost of Raw Materials of Coil Coatings
- Growing Demand for Lightweight Materials in Automotive Industry
- Storage and Transportation Hurdles
The coil coatings market is segmented and analyzed for demand and supply by end-user into building & construction, industrial & domestic appliances, consumer durable goods, furniture, automotive, HVAC, and others. Out of these, the automotive segment is projected to significantly grow over the forecast period on the back of the rising production of passenger cars, and massive use of coil coatings in automotive industry. For instance, Indian automotive industry is projected to hit the mark of approximately USD 305 billion by the 2026 with an estimated production volume nearly 75 million units.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Coil Coatings Market Regional Synopsis
Regionally, the global coil coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the surging use of coil coatings in manufacturing of furniture, and the significant growth of construction sector in the region. For instance, construction operations in North America are expected to grow around 2.6% in 2022, reaching nearly USD 1.96 trillion, higher from USD 1.90 trillion in 2021.
The global coil coatings market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global coil coatings market includes the following segments:
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By Resin Type |
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By Application |
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By End-User |
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Top Featured Companies Dominating the Global Coil Coatings Market
- DuPont de Nemours, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- PPG Industries, Inc.
- Henkel AG & Co. KGaA
- Akzo Nobel N.V.
- Kansai Paint Co., Ltd.
- Eastman Chemical Company
- Nippon Paint Holdings Co., Ltd.
- Axalta Coating Systems, LLC
- Goldin Metals, Inc.
- Northern Coatings and Chemical Co.
